BlockBeats News, June 9th, "White Hair Stock God" Serenity posted, stating that for those who are currently quoting Bank of America's bearish view, it is important to remember that Bank of America had previously in March this year referred to EWY/KOSPI, namely the Korean memory chip stocks related to SK Hynix and Samsung, as being in an extreme bubble state. At that time, Bank of America attributed the rise to retail investors, implied that retail investors should sell Korean memory chip stocks, and even compared it to the 2008 financial crisis, the dot-com bubble, and the silver crash.

Serenity stated that shortly after retail investors sold their long positions, the memory chip stocks instead surged to a historic high. Serenity said, "Institutions are not your friends." Serenity also mentioned that usually when an unusually large amount of negative news emerges, it is because institutions need liquidity.

Previously reported, Bank of America Securities stated that investors should remain cautious on US stocks, as more and more bearish signals indicate that the market is approaching a peak. In a report dated June 5th, strategist Savita Subramanian's team wrote that about 70% of bearish signals have been triggered, consistent with the average level during historical market peaks. Among the 20 valuation indicators of the S&P 500 Index, 17 indicators show "statistically overvalued" levels, with 8 indicators even higher than during the tech bubble era. In addition, high P/E ratio stocks have significantly outperformed low valuation stocks, with strategists seeing this as a "sign of over-speculation." Within the tech sector, the performance gap between the top and bottom quintiles has widened to its highest level since February 2000.